and said that you shouldn't have too much cre on your balance sheet, et cetera, et cetera. that process went through, took more than two years of negotiations and discussions and sending it out to banks and banks have time to implement. in order to make this work, the macro prudential things work we'll have to have a more nimble system. that is a big part of this. so the answer to the question bill raised is that, i'm sure there were some things that could have been done but unless everyone collectively knew what was going to happen and was willing to work together cooperatively to take the necessary steps it is not obvious that you could have avoided it. maybe one more question. >> larry sideman, university of delaware. you rightly expressed concern about the premature phaseout of fiscal stimulus at the end of 2010. do you think in future recession it might be helpful if the

federal reserve were able and willing to give a cash transfer to the treasury so congress could sustain fiscal stimulus further without additional borrowing? >> i don't think i'm going to go there, no. [laughter] no. see, first of all that's not going to work because presumably the fed has an inflation target, right? so, even if, let me emphasize everybody, this is entirely hypothetical, okay. even if that were to happen, and i think it's no doubt illegal anyway, but even if it were to happen, at some point in the future the fed would have to undo that in order to get the money supply consistent with its inflation target and therefore it actually would not affect the long-run debt held by the government. so i'm not at all sure that that's, that would even work in theory. so, it certainly sound to me

like a bad idea in any case. i think fiscal policy ought to be made obviously by the congress thinking comprehensively about spending, taxes and debt issuance. thank you very much. cheryl: this is unlikely the last comments we'll get from current federal reserve chairman ben bernankeings speaking at the american economic association in philadelphia. a couple comments he made really quick, i will bring up, even low inflation can bring problems. that is a direct quote. there is hard to balance the fed and when and if the fed's bond buying program would continue, how long, things like that. of course he didn't answer any of those questions. david asman joins me right now, he never does. you saw the markets take a clear dip down. david: it was up 75. it is up 28 points. it coincided speaking in

possible. you see the drop in the green arrow when bernanke started to speak. i was dying to know what he wanted about bitcoin. we won't ask you that. i would have liked to know what he asked about emergence of a currency unregulated by central banks of any kind. cheryl: probably doesn't want to step into that leaving door open for janet yellen to walk in. that would be her issue. david: that would be her issue. we have today's market panel to talk about what bernanke had to say. gary rand, with his top stock plays for the new year. randy warren, warren financial service chief investment officer will join us to tell us what drove the markets and chris gersch. i wonder if the traders were watching what bernanke said and trading against what he said? >> actually traders were looking to hear that same question answered about bitcoin answered that you wanted answered. as far as the trade is

concerned, we saw the market rise because a lot of individual traders down here thought he would throw abu kay to the market, talk about growth. -- bouqet. heads nodding behind me, getting congress involved. despite what traders think it would be detriment to the market. maybe volatility traders want but lot of individual think that would be detriment to the growth potential. to answer your question everyone was looking at bernanke about five minutes ago. cheryl: randy, we didn't get any real clear signals about, he talked about the global economy he always makes some comment about congress and fiscal policy. he was asked about that. really a lot of things janet yellen will face will not be frankly under her control and that is congress and the debt ceiling fight we're about to take under our wings next couple weeks. >> right. you know, these things are going to have an impact on the market but, you know what you really

have to listen to what he's saying in terms of the old adage of bernanke put, which i guess will become the yellen put now. it is still in place. they're still ppoducing $75 million worth of new money every month. and you know, non-farm payrolls were to go down and unemployment were to go up, you would have some additional stimulus put in by the fed. so markets should be in decent shape for this year and i think the fed will stay, you know, on target with the data points that they have already set out. david: gary, let's talk about the average retail investor and frankly most average retail investors have lost out on this market rally of 2013. they didn't play. it was insiders who played the biggest role in moving this stock market up. do you think that they will step up? do you think they will release some of their cash and fixed income and do well in 2014 with the insiders? >> well, i certainly think you

could see money flows from retail investors here. when you think about being retail investor, usually investing for a goal or objective. you need your money to growing. this year if you really missed out being invested in the equity markets you really didn't do too well and when you kind of look in the rear view mirror you might be pretty disappointed what went on last year and thinking about playing catch-up this year. i think that is one of the dangers of the market going forward. david: let me follow up. why is that a danger? >> well i think you know, you might get some money that would, is going into the market that normally wouldn't go into the market. because people are chasing return. you know when they look and maybe they're boeing to their, talking to their friend or whatever, they may be feeling like, you know what? this is not too late and you're going to see, maybe some more, everyone is pretty bullish about the 2014, when you read what the press or watch tv, most analysts

have have positive recommendations. you get psychology to drive some money in and fundamentals don't look too expensive yet. i think that will help attract money. cheryl: chris, i'm curious if you think the real money, big money is in the markets right now. we certainly saw on equity side saw inflows for october. we'll get november soon. they were decent but not really strong or blockbuster. do you think institutional trade something still on the sidelines here? >> i think institutional trading is not on the sidelines. i think what they're trying to do is really make up for those passive investors that, they just sat in the equity markets like the van guard fund returned 1 dollar for every $4 invested. traders said if you we'll give you 25% on p and l in the propriry trading account any of them would have taken that sort of return. the fact institutional money is chasing the passive investor and

a lot of individuals and the reason they did they wanted to hit the bid throughout the year, good news of growth. no one got short a lot of traders are poised for, you know, maybe back and forth first quarter but second quarter and third quarter a lot of these traders are positioning themselves in the future for a selloff. david: randy, talk about energy for a second. we saw this big selloff in oil this week. we were down 6%, the price of oil was. it was down another 1.25% today. is, beyond whether that's a play or not and how it affects oil companies, et cetera, what do you think the oil price is telling you about the economy in general? the whole world economy? is this indicating a slowdown? >> no. actually i don't think it is indicating a slowdown at all. i think we're dealing with a situation of simple supply and demand and in the united states here you have got ample supply, lots of new supply of natural gas, lots of new supply of oil -- david: forgive me for

interrupting but we are wondering when this would happen. we finally reach ad point where domestic production is affecting global price as far as oil is concerned? >> yeah, absolutely. it is not just our economy, and not just our oil drillers are finding they can frack shale and come up with oil. it is all over the globe. it necessary australia, bra sir, everywhere. it is not just us. there is huge new supply of oil and natural gas all over the globe coming online now and in the next few years. it will continue to put pressure on the price of oil and that will be offset, to some degree agree by renewed growth in global economy. but i don't think the global economy will pick up so fast it will drive oil prices higher. i think oil prices are probably headed lower. potentially the play is in the airlines sector. cheryl: gary, you're actually bullish on energy. you're on the other side of this. why are you bullish about energy and where? >> well i like the mlp space in

the energy sector. to echo randy's comment about fracking and all shale development. rapid expansion of domestic energy production and transferring assets to where they're utilized is a big business today and growing. and so things like kinder morgan which has come down recently on some isappointing guidance with their distribution but yielding 6.25%, we like that. we think that's attractive down from 93 roughly to 80 here recently. we think that is a good entry point. their disappointment is what they were increasing distribution only 7%, versus 12 or 14% the street was looking for. cheryl: we showed our viewers, 80 and change, the entry point you're talking about. gary, randy, gentlemen, thank you. chris gersch, we'll see you in a few moments when the s&p futures close. david: thanks, gentlemen. >> thank you. cheryl: so crocs getting a big cash infusion from blackstone earlier this week. the stock is up 21%.

the coming up in a first on fox business interview we'll speak with the company's cfo about his plans for the money and search for a new ceo. david: also how about this for a bold call? we have a strategist who says it is time to ditch twitter and buy blackberry. that's what i said? he will tell us why. a tough sell for both cheryl and me. what you should think about and what you should do with money on those two bets. tell us what you think. on monday by the way the senate is set to vote on confirming yell yell as the -- janet yellen fed chairman. there is growing amount of opposition to her confirmation. should she be confirmed? why or why not? let us know what you think. log on to facebook.com/afterthebell. your answers coming up later in the hour. ♪ [ male announcer ] once, there was a man

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david: the market didn't seem to like what bernanke was saying too much. it came down a bit from its highs. let's go back to the cme pits to see what the s&p futures are doing as we head into this weekend. go ahead, chris. >> yes. the s&p futures right now they're set to close a lot lower than they were about an hour ago.

we have a five handle move to the downside and again the s&p futures indicating an outlook that is not as good as what the current s&p contract is trading at, on the nyse composite. so really look for a open that is to the downside tomorrow. prepare yourself, you know, possibly buy the open, if it opens very low. david: okay. once again the open is on monday, not saturday this week. >> mopped. david: chris, thank you so much. great stuff. have a good weekend. cheryl: chris is so dead caded he wants to work tomorrow. i love the guys. those guys are so focused. market heading down into the weekend. cheryl: right eight on strong december sales number. nicole petallides on the floor of the new york stock exchange. >> we kept a close eye on rite aid did very well. there were a couple of reasons. the stock was up 8.5%. really a huge move for any stock, certainly for rite aid

closing at 5 heroin $47. they came out with sales numbers that surpassed analyst estimates. watches attributed to the pharmacy division of rite aid. also you have a deutsche bank analyst who said rite aid is indeed gaining market share from its competitors. kept a close eye on wall dreams and cvs as well which are direct competitors to rite aid and they were virtually neutral. the main story continued to be rite aid and great sales in the latest period. but the question, and somehow, they say the jury is still out whether or not rite aid is gaining some market share from those competitors. meantime one thing is concrete you can count on, and that is that the pharmacy area of the rite aid umbrella did particularly well. back to you. cheryl: nicole, thank you very much. >> thanks. david: are you looking for a new investment strategy for the new year? how about selling wall street darling twitter and buying dead in the water blackberry? sounds contrarian to say the

least with twitter shares up 70% since early december. our next guest is calling black per rid turn around stock in 2014. we have thomas key. thomas i do love contrarian calls, but i got to tell you when i heard about the blackberry call i said, is he kidding? i have a blackberry but i'm so cheap i just keep what my company issues to me. i get, let my wife and daughter use the iphones. but i'm not happy with this product. it all begins and ends i think with the product. why are you foreblackberry now? >> well, last time i was on we started a theme last time i think, i hope, and that was about price. we talked about price and in making money in the stock market all that really matters is price. if you're paying attention to price you can also see what smart money is took with their money and i think blackberry is a very important stock to watch based on price because behind the scenes there is a lot of things going on no one will

really know until after the fact. however -- david: what kind of things behind the scenes do you expect are going on right now? >> i will give you some examples. the prior management was trying to sell the company. they weren't focused doing business or making a better product. they weren't thinking about their customers. instead they were trying to sell the company and what enterprise client is going to want to buy a product from a company that they don't know what it will look like a month or two months from now. >> good question. >> that all has been taken off of theo to peek at least for now. it is not considered. new management is focused on the company and doing right things for the company and that's a big turn. and i think we saw that about a week ago or so when the stock spiked. david: but hold on a second. they have not only got a deal with lagging consumer support, customers like me, customers urn happy with the products but market watch dubbed them as owners of the worst product flops of the year. they have got a lot to battle against. >> there you go.

hey, look if you're going to buy something that is depressed what better stock than blackberry. but don't do it on the way down. that is the important part, right? that is what happened about a week 1/2 ago when they decided to switch the management up and when they stopped trying to sell the company. the stock spiked. when it did that, that told me that, couple things. one short sellers are getting out of the stock. number two though, this is also important, smart money is starting to buy it because they like that notion they're coming back and actually doing something important. david: all right. i have to move you along, tom, because we want to give twitter its due. >> sure. david: we have a lot of people interested in twitter. some people bought it at ipo are very happy right now. other people are thinking of buying in seeing that it will go up. you are bearish about it. let me play awe little sound bite of the cofounder of paypal, bill harris. he was on "varney" this morning. he talked about twitter. has a very different view from yours. play the sound and get your reaction? >> the company twitter is a

rocket ship. it's a rocket ship not because it is something new and spectacular and overnight success. it's a rocket ship because it is really fundamental the way people are starting to use connectivity. david: that sound like a good bet for twitter to me. >> but sure, will that make you money or does price make you money? what i'm telling you that a 70% run since december 2nd, hey look, prices move, yes they do. institutions buy especially at end of the year when they want to dress up their portfolios and make them look good. let's rewind again a week 1/2 when i actually made this call. when i made that call the stock was at $74. it fell to 79 which is support level that i had in the stock. this stock is moving like the wind, okay? what i'm talking here, it is moving in channels unless very wide within a few days. i want to give the current channel to understand how i'm looking a the stock. i'm not investing for the stock

long term. i think it is speculative. i think it is extremely speculative here. we know what happened with facebook, right? facebook started high. then they sold off and then it came back. david: thomas, i have just got to push back for a second here though on one thing. you have the spectacular growth of online sales over this past holiday. you've never seen a growth like this of online sales. of course amazon, the biggest recipient of this, won't advertising switch to online and isn't twitter just the perfect vehhcle for advertisers given that trend? >> it is still speck la live, you're right. twitter is still speculative. let me finish the point on twitter. because i think it will do exact opposite facebook did. david: quickly. >> facebook started high, went lower, reversed and went high again. twitter starts low, goes high and falls back down again. if you look to sell twitter anywhere near 08 sell it. breaks below 59. going back towards 40. david: we have are up against a

hard break. thomas key. great to see you again. >> thank you. all about price. david: all about price. cheryl: miserable 2013 could they be set for a rebound this year? we'll find out how washington politics could transform industry prospects. [ male announcer ] this is the story of the little room over the pizza place on chestnut street the modest first floor bedroom in tallinn, estonia and the southbound bus barreli down i-95. ♪ this magic moment it is the story of where every great idea begins. and of those who believed they had thpower to do more. dell is nored to be part of some of the world's great stories. that began much the same way ours did in a little dorm room -- 2713. ♪ this magic moment ♪ [ cellphones beeping ] ♪ [ cellphone rings ] hello? [ male announcer ] over 12,000 financial advisors. good, good. good

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cheryl: time for a quick speed read, of the day's other headlines, five stories, one minute. land rover recalls utility vehicles over problems with front seat side airbags. model years affects years 2013 and 2014. colorado's marijuana shops raked in, get this, more than a million dollars on first day of legalization. washington state legalized drug for recreational use but sales don't begin until later this year. general mills will begin

making cheerios without genetically modified content following pressure from activist groups and consumers but the change only affects original cheerios which is the best one. at&t is hitting back at it. mobile in the wireless wars. the wireless carrier offering t-mobile users a 200-dollar credit and phone trade-in that could be worth another 250 bucks to switch to its service. to facebook users, file a class-action lawsuit against the social networking giant over privacy complaints. alleging that facebook's messaging system is not as private as advertised and actively searches for data in the message that is is the speed read. [buzzer] david: cheerios are the best. i grew up on cheerios and peanut butter and jelly. go figure. coal stocks, a lot of us grew up burning coal too. they were not very hot with investors last year as companies like peabody, alpha natural resources arch coal in terrible trouble with regulators, they fell 24%.

cheryl: the industry rough ride could end with the upcoming midterm elections. rich edson is live with that story. >> better efficiency, cheap natural gas, burned coal over the past few years. republicans charge the obama minute vision is pushing it further into the decline especially with forthcoming regulations on power plants. coal stocks have fallen 13% since president obama's re-election. energy sector s a whole up 18%. renewables over that period are up 55%. in november's midterm elections republicans need six seats to win control of the senate. there are several states president obama lost in 2012 with democratic senators up for re-election this year. a handful like west virginia, arkansas, and montana are coal states. >> i think coal is fascinating campaign issue because i think it's an opportunity for republicans to use it on the attack but also an opportunity for democrats to use it to declare their independence. >> coal state democrats tried

distancing themselves from the administration on energy, most notably west virginia senator joe manchin. shot a hole in the cap-and-trade bill in an ad during the 2010 campaign. one republican campaign aide says democrats can be the most conservative pro-coal senators on planet. but the fact they have a d behind their names means they are complicit in the liberal agenda, their words, or powerless to stop it. all takes place in november. back to you. david: regulators really killed coal industry this year. let's hope it is temporary. let's hope it make as comeback. rich edson, their very much. cheryl: slipping in more comfortable shoes investing in $200 million in shoemaker crocs. we'll talk to crocs's cfo about his plans for the cash and search for new ceo and global expansion and a first on fox business interview. david: we'll tell you how you can watch the nfl playoffs without a tv for free. stick around for this.

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aexperiencing cialist for daily use and a free 30-tablet trial. david: the nfl post-season officially kicks off tomorrow afternoon with the kansas city chiefs versus the indepent nap police colts. used to be baltimore colts. don't worry if you can't watch it on tv. both this weekend nbc and cbs

will stream coverage of the games for free. nbc will air both its wildcard games on saturday while cbs will stream all four playoff games as well as afc championships. urn fortunately, nfc post-season will be available to a selection of pay-tv partners. fox will stream the ultimate event, super bowl xlviii on february 2nd, starting at 6:30 p.m. eastern time. of course that is the one that will happen right here in new york. cheryl: right here in new york. whether it is five degrees or minus 10 degrees. david: it may be cold. cheryl: shares of crocs, maker of the famous colorful clogs, soaring more than 20% after the company secured a $200 million investment from blackstone and they announce ad major change in management earlier this week. david: is this a sign that crocs regained its footing and what is next for the schumaker??3 joining us for a first on fox business interview, jeff lasher, fox cfo.

congratulations, jeff, on the stock pop and the fact that black disown is putting money in. that's good news. there is the question of timing of resignation of the ceo, john mccarvel, some wonder whether it was part of the blackstone deal of the was it in any way? >> i think we're really proud of john's service to us as a company and he dedicated part of 10 years of his life to the organization and we wish him the best and happy retirement. he has done a fantastic job for us. leading up into the blackstone investment and they have been able to see the value of crocs as an organization and in the long-term opportunity that we have for them as an investment. david: all right. just going to try one more time though. was the blackstone investment made contingent upon his leaving? >> there was no contingent investment. we're real happy with the way the blackstone organization came to us and worked out a fantastic preferred share investment that we're able to turn that

investment around into buying back common shares and reducing our overall market share base in 2014. cheryl: you know, jeff, $200 million is a nice chunk of change. how do you plan to use the funding getting from blackstone? i know you have been doing some retail expansion in the u.s. is this expansion going to be here, globally? what are the plans now? >> i think number one, the investment from blackstone will be turned around and used to buy back common shares in the marketplace in 2014. we'll take about $150 million of our balance sheet cash we're able to repatriate into the united states, relatively tax efficiently without a lot of cash charges for the most part. it was non-cash return of capital into the united states. we're able to capture all that $350 million in total to repurchase shares. so we'll do that throughout the course of 2014. it will take us some time because of the market requirements that we have but, over the next six, nine months,

we'll be in marketplace repurchasing shares. none of that money will be used for retail expansion. we are pretty excited about our 34th street, new york city location, opening up weather permitting. i understand it is snowing in new york. we'll be looking forward to a late january opening. hopefully we can invite you to join us in the grand opening there. cheryl: i'll be there. david: twist her arm. she is a big supporter of your products. so you have $350 million, 200 from blackstone and 150 million from the cash reserves in stock buybacks. you give a 6% dividend which is extraordinary. are you concerned at all you're spending a little too much of the capital on share value rather than r&d and human capital? >> well we'll still have plenty of capital to fund r&d and product expansion and do all the plans that we have for 2014. we've got some great products. they will come out in 2014. we've got a stretch sole product

that will launch here in the next month or so which we're real excited about, a high-end, comfortable men's loafer. and in the back half of the year we have got some fantastic fall products coming out we're able to fund with internal cash. we'll still have $200 million in capital on the balance sheet by end of the year so we're well-funded. cheryl: i seen those loafers. they're very popular. mario vital. >> famous chef, orange crocs was his signature style. he was famous wearing him. you discontinued line. so he loaded up on orange crocs. you had a great celebrity spokesman whether they meant to be oren you look at instances le this, where you discontinue product that is very popular and may be famous, do you look at mistakes like that? there has been a lot of pressure on the stock the last couple years? >> i think with our partnership with mario, we have a product

named after him and we had a long-standing relationship with him. we'll continue that relationship with him. really proud of work he has done and celebrity he has brought to our organization and we continue to evaluate our product line for the best-performing products for both shareholders and organization in total. so we have some great products for 2014 and once in a while we discontinue products for betterment of the overall organization to keep the product lines streamlined but for the most part we've got some great products coming out in 2014. david: by the way, we didn't have a mention to mention overseas sales which are taking off like wildfire. so congrats on that. those are really, really encouraging numbers from overseas. not everybody is getting those numbers. you're a bellwether for that. jeff lasher, crocs cfo. jeff, thank you very much for coming in. appreciate it. >> thank you. cheryl: thank you, jeff. >> have a great day. happy new year. david: you too. the box office winners are in for 2013 we'll tell you which

blockbusters hit it out of the park and who won movie bragging rights this year. cheryl: ben bernanke has spoken perhaps for the last time in a major policy speech as fed chairman. we'll ask harvard university professor ken rogoff what he makes of bernanke's comments today. ♪

david: so hollywood had kind of a keynesian year, best of times, worst of types. big flops but also huge hits. cheryl: dennis kneale has the wrap-up for us. dennis. you might sum it up hooray for hollyyood. likely broke all the-time box office record for north america in 2013 raking in $11 billion on budget busting sequels. that is 1% better than the $10.8 billions record it reaped for 2011. disney had number one film of the year, "iron man 3" which

raked in $409 million here and 1.2 billion bucks worldwide. lions gate "hunger games" sequel, catching fire coming in second in the u.s. just under $400 million. worldwide universal's despicable me sequel took number two spot, at over $900 million. overall disney had four films in the top 10 grossing titles. warner brothers and comcast universal hat two films apiece. now brand new original films provided just two of the top 10 titles. disney's "frozen" and warner's "gravity." the other eight were sequels and remakes of long time franchises like superman. in the u.s., warner beating out disney to take the top spot in market share at 17% of the total box office and a film gross of some $1.8 billion, that share is point 1/2 more than disney's. universal, sony, little lions gate filling out the top five, cheryl. cheryl: dennis. what films on deck for the new year? what is the bus out there right now?

>> 2014 will be superhero sequel time yet again. captain america sequel from disney due in april. sequel to the sony's amazing "spider-man" in may. next men, next hobbit and third "hunger games" on the way. investors ought to pay special attention to this one, "divergence." due on march 21st following "hunger games." it could be a follow on to "hunger games" in adult novel. lions gate could asslur it doesn't diverge from the trend. david: interesting stuff. my money on "hunger games." lions gate. you like "gravity." cheryl: i thought "gravity" was excellent. david: some people hate it. some people love it. cheryl: see it in the theater.% david: dennis kneale, thanks very much. cheryl: ben bernanke is maybe gaven what may be his last major policy speech. we'll talk to ken row governor,

chief economist at harvard and formerly with the imf. on his opinion of mr. bernanke. david: speaking of movies that set a new record, we'll give you a preview how it set that record, if we could, but we're not supposed to use that kind of language on television. didn't kind of record we're talking about here, f-bombs, get the picture. >> started my own firm out of an abandoned auto body shop. we'll target wealthiest 1% of americans. nouncer ] this is the story of the dusty basement at 06 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall f roble avenue. ♪ this mic momt it is the story of where every great idea begins. and of those o believed they had the power to do more. dell is honored to be part of some of the world'great stories. that began much the same w ours did. in a little dorm room -- 2713. ♪ this magicoment ♪

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cheryl: we are getting after-hours breaking news right now on liberty holdings and siriusxm holdings. excuse me, liberty media. looks like liberty media release ad proposal to take siriusxm holdings completely under it umbrella. this is john malone's company. under this deal as proposed right now, sirius shareholders would own 39% of liberty outstanding common stock. we should say liberty and siriusxm, both stocks were halted but liberty is trading once again. siriusxm in the after-hours is halted. breaking news from john malone's liberty media and siriusxm. david: john malone does not buy garbage. for him to put that much after stake in cirrus, shows that it is a serious company he invests

in for the long term. cheryl: yeah. david: ben bernanke may have given what could be his last major speech and strongly defending his easy money policies and record. cheryl: ken rogoff was a member of today's panel with today's chairman. peteer? >> that's right, cheryl and david. but the fed chairman did say the job is unfinished. ken rogoff, harvard university was on the panel with the chairman and we want to get reaction from him right now. professor, thanks for joining us on fox business. >> thank you. >> what was your takeaway from bernanke's comments today? >> well it was incredibly comprehensive. he is addressing young graduate students, people in the profession. he gave them a helicopter tour so to speak of what he had done as chairman and why. >> but he said that the job is not finished. you're the author of, "this time is different." a history, looking at 800 years of

financial crises. you're in a pretty good position to tell us whether or not the fed's job is done and whether the economy is out of the woods? >> well i'm cautiously optimistic that things will get better from here. that we won't have a double-dip but of course we're not out of the woods. we still have 7% unemployment. the chairman will not say we're out of the woods with 7% unemployment, lower participation rate but i think there is a notable air, little more relaxed than perhaps one might have sign even a year ago. david: did you get anything on course of policy? i mean he did say that the fed will remain committed to highly accommodative monetary policy going forward. so, what are the markets and investors to take from that? they could maybe stop the qe tapering at some point if things stall out a little bit? what was the policy takeware? >> i thought one think he said that caught my attention, didn't say anything different about

being supportive but he talked about his framework, the transparency, the flexible inflation targeting but he also said towards the end of his speech, we're reevaluating everything. we're always looking at things. we might do things a little differently in the future. so, i thought he left that door open that janet yellen could make a change. i suppose she will try to defend the framework. i thought that was interesting. >> the fed does want to remain flexible here right, going forward. >> there are ways they can nuance things. the question is whether they actually change the framework from where it is. i think he wanted to leave that on the table for chair yellen as she assumes -- >> i mentioned that you present ad paper today, additional research from your book and, again, talking about business cycles and and what happens coming out of these really bad financial crises. what are your findings of your new paper? >> well we look at 100 systemic

financial crises going back to 1857 and expand on our earlier teams and really underscore them but i think one major point what we experienced in 2007, 2009 and feeling aftershocks of looks a lot more like preworld war ii crises than does like the limited postwar crises. there is awful lot of sort of science of business cycles. very focused on a narrow range of cycles and they're very misleading for thinking about this one. >> so, if you're a consumer, an investor, you know, should they feel better right now based on your research about being able to get a job? about the things getting better here? that we're at the end of, the that the worst is over pretty much and we're at end of, coming out of the cycle, the cycle is up? >> nothing to device serve to say. the u.s. and germany only two countries out of all those that

had systemic financial crises where per capita gdp is higher today than where they started. the rest are still below and healing. we thought perhaps they should think about more creative policies reducing debt. debt restructuring, little bit of inflation and financial controls. for many periphery countries in europe and even some other, imf forecasts don't have them getting back to where they started per capita gdp for a long time. that is a very awkward situation to be in. >> that sound like a headwind. >> it is. >> ken rogoff, harvard university, thank you for joining us. >> thank you. >> david and cheryl back to you. david: thank you, peter. >> one company teaming up with google glass to unveil a brand new app and it could be a game-changer for the auto industry. that is coming up. david: the full senate is set to vote on janet yellen as fed chairman on monday. we asked you on facebook, do you think she should be confirmed,

why or why not? some of your comments coming next. ♪ welcome back. how is everytng? there's nothing like being your own boss! and my customers are really liking your flatrate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn' make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipipping with the reliability of fedex.

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for use of the f-bomb. during the three-hour long film, the "f" word has dropped 506 times. this is not the first time, casino, the "f" word was used 422 times. goodfellas, 320 times but really off the record with this one. you liked the movie. >> i liked it but it was interesting. also "off the desk," hyundai is experimenting with remote accessibility features using wearable devices such as google glass and blue link technology. blue link can give drivers access to features and information about their car via google glass. i wish they were prettier. they include remote start, remote door locking and unlocking. the blue link will launch on hyundai genesis. david: it will go through a big evolution. >> they need to make them more attractive. david: we asked you on facebook and twitter if you think janet yellen should be confirmed? jim on facebook told us, she

should be confirmed. we've already come this far with ben bernanke's experiment. we should see how it all plays out with janet yellen. >> jimmy on necessary book wrote in, jimmy henderson yes, for continuity, stability, predictability. david: there you go. top three things to watch on monday, for the whole week, number three the is december ism non-manufacturing index set to be released on monday 10 i'm eastern. the reading is expected to rise a little to 554.5 from 453.9 in november. >> number two thing to watch, december jobs report from the labor department. oh, that is always fun. set to be released friday 8:30 a.m. eastern time. economists expect non-farm payrolls to rise by 100,000. down from november's gain of03,000. david: number one thing to watch, will senate final vote on janet yellen to succeed ben bernanke as federal reserve chair. the senate expected to vote

5:30 p.m. eastern on monday. ben bernanke will step down on january 301st. interesting she is losing votes. probably get all the democratic votes so she will pass. may not get as many as she thought. >> big thing on monday. melissa: thousands of jobs on the line, a pivotal vote that could set a precedent for pensions everywhere. will boeing fly out of seattle leaving 10,000 jobs behind? we're live on the front lines because even when they say it's not, it is always about money. melissa: it is our top story tonight. 31,000 jobs and more than $10 billion worth of orders are at risk for boeing today. the plain manufacturer's local and international unions clashing over a new contract proposal with just hours to go until the votes are in. what is being called an